Fee Simple Reduction – the highest and most complete form of real estate ownership. Real estate is the modern term for land and everything permanently attached to it. Lights include buildings, fences, and objects attached to buildings, such as plumbing, heating, and lights. Property that is not appropriate is considered personal property. For example, furniture and curtains are personal property. Pacific Collective LLC v Exxonmobil Oil Corp., No. 2:20-cv-03887-ODW-RAO (C.D. Cal. 2020) (The buyer of a commercial real estate property requests an extension of the closing date of the real estate purchase, because safer orders at home constitute force majeure within the meaning of the purchase agreement; 29. April 2020 by the State Court of California.) (04.03.2020 Complaint) In the case of intentional illegal possession, an intruder or squatter – someone who illegally occupies someone else`s land – knowingly comes to live on another person`s land and/or seize it. In other cases, the opposing possession may be unintentional. For example, a homeowner may build a fence that separates his garden without realizing that he has crossed and attacked the boundary of his neighbor`s property. In both cases, the opposing owner – also known as the shredder – can claim this property.

And if the plaintiff succeeds in proving the opposing possession, he is not obliged to pay the owner for the land. When a life estate is awarded, certain interests may force the life estate to end prematurely, shortening the life estate. Future interests are created in the formation of a redeemable estate. Future interest will take effect after the natural cessation of the previous estate or shorten the previous estate. Most residential property purchases require the buyer to obtain a mortgage from a bank or other lending institution. The lending institution receives a security right in the property, which means that if the borrower does not repay the mortgage, the institution can buy and resell the property`s property to repay the mortgage debt. A life estate is a future interest that only leads to ownership of the property after the current succession of possession has taken its course. Negative ownership was suggested as a possible solution to prevent the misuse of intellectual property rights such as cybersquatting, excessive copyright and patent trolling. The application of adverse property to intellectual property as well as physical property would require authors to invest more resources in the active use of their portfolio of trademarks, patents, etc., rather than simply sitting on it and waiting for real innovators to enter their territory. Seizure – the process of realizing a mortgage or other security right in real estate, usually through court or judicial proceedings. Today, « force majeure » is defined as an « overwhelming and unavoidable event caused solely by natural forces such as an earthquake, flood or tornado. » Act of God, Black`s Law Dictionary (11th edition 2019). There is no recent case law on whether the term « force majeure » covers a pandemic or epidemic (for example, H1N1 in 2009 or Ebola in 2014).

On the one hand, courts may conclude that the occurrence of these previous global health crises has made COVID-19 predictable, making it outside the scope of a force majeure clause in many jurisdictions. On the other hand, the courts may conclude that the profound impact of COVID-19 brings it to a different level from previous health crises and is therefore covered by catch-all language. What is clear, however, is that the term « force majeure » will gain prominence in the post-COVID-19 world. W.L. Petrey Wholesale Co. Inc. v V2 Incentives LP, No. 20-cv-00447-A (S.D. Tex.

2020) (Plaintiff seeks reimbursement of monies paid to travel agent for business trip to Scotland; defendant invokes force majeure defence.) (19.05.2020 Amended complaint) Device – personal property that is permanently attached or fixed to real estate, so that it is considered an integral part of the property. Since the 1970s, buyers have enjoyed additional legal protection. Many states and municipalities require a real estate seller to file a truth about housing. A seller should list any problems with the home, such as a damp basement or the presence of termites, on the form. Failure to disclose this information may result in cancellation of the purchase agreement or prosecution by the buyer against the seller for fraud. In addition, some laws require an inspector to visit the property to determine if there are any problems. Hunter Commc`ns. Inc. v. Panasonic Avionics Corp., No.

20-cv-03434 (S.D.N.Y. 2020) (Defendant invokes force majeure defense against satellite communications provider`s infringement action alleging that COVID-19 waives payment obligations under the Framework Agreement for satellite bandwidth capacity services.) (05.01.2020 Complaint) LFG Acquisitions LLC v. CSPS Hotel Inc., No. 107048560 (Fla. Cir. Ct. Hillsborough Cty. 2020) (The plaintiff seeks to delay the conclusion of the real estate sale in accordance with the force majeure clause of the contract of sale.) (05.05.2020 Complaint) The federal government passed the Real Estate Settlement Procedure Act of 1974 (RESPA) (12 U.S.C.A. § 2601 et seq.) to ensure that the buyer of a residential property is informed of the many costs associated with the sale. The RESPA requires a credit institution insured by the State to inform the purchaser in advance of all charges payable on the day of conclusion of the transactions.

These costs generally include the cost of property surveys, appraisals, title searches, brokerage fees, and administrative and processing fees. A recent Illinois ruling suggests that courts may find excused COVID-19 payment obligations if the force majeure clause language does not expressly exclude it, although in many jurisdictions, force majeure clauses often do not excuse non-performance of payment obligations. In re Hitz Rest. Grp., No. 1:20-br-05012 (Bankr. N.D. Ill. 2020), the parties` lease contained the following force majeure clause: A future interest is in direct opposition to a current right of ownership, also known as possession. A future interest may depend on the occurrence of a particular condition or event, or it may be unconditional. The portion of realized income accounted for as or in the force majeure doctrine has become more important in a post-COVID-19 world. Financing of hereditary immovables – hypothec and security interest in an inheritance right in immovable.

Fee mortgage – a mortgage granted by the owner of the simple real estate. Trust deed – a form of immovable security agreement that grants a security right in real property, which generally includes a power of sale that allows a trustee to enter into an amicable public sale much more quickly than would be the case with a judicial seizure. Security – an item of economic value, such as real estate, that is pledged by a borrower to secure a loan or other credit and is seized in the event of default. Land, buildings and things permanently connected to the land and buildings. Also called real estate and real estate. The sale of residential property is highly regulated. All states require that real estate agents and brokers who receive a commission from the property owner for the sale of the property be licensed. To obtain a license, a person must have a high school diploma, be at least eighteen years old, and pass a written test on principles and real estate law. Security agreement – a document that grants a lender the right to perform certain real estate and/or personal property as security for a loan or other obligation.

Hereditary building right – an interest in real estate granted by a lease, usually limited to a certain period of years, the succession of which ends at the end of the lease. Without an explicit reference to « epidemics » or « pandemics », a Party wishing to invoke a force majeure clause will most likely consider any expression such as « force majeure » or events « beyond the reasonable control of the parties » as the most likely language for COVID-19.